Core Viewpoint - The three major telecom operators in China are actively investing in artificial intelligence (AI) to enhance their service capabilities and drive new business opportunities [1] Group 1: Company Initiatives - China Mobile is accelerating breakthroughs in AI innovation [1] - China Telecom is deeply engaging in "AI+" initiatives to create a new engine for productivity [1] - China Unicom is implementing the "Artificial Intelligence+" action to enhance its technological capabilities and promote AI integration across various industries [1] Group 2: Benefits of DeepSeek Integration - All three telecom operators are integrating DeepSeek, a high-performance AI model, which is expected to improve customer service systems, intelligent recommendations, and fault diagnosis [1] - The integration of DeepSeek will assist operators in developing new AI-driven businesses as traditional business growth approaches saturation [1] - DeepSeek's integration will facilitate the transformation of operators from traditional communication service providers to digital service providers, while also optimizing the utilization of idle cloud computing resources [1] Group 3: Market Opportunities - The utilization rates of cloud, IDC, and computing resources are expected to significantly increase in the AI era, leading to revaluation opportunities for the telecom operators [1] - Key investment targets recommended include China Mobile, China Telecom, and China Unicom [1]

Investment Rating - The industry rating is "Outperform the Market" (maintained) [7] Core Insights - The telecommunications industry is experiencing steady growth, with a projected 10% year-on-year increase in telecom business volume for 2024, leading to a total telecom business revenue of 1.74 trillion yuan, a 3.2% increase [2][12] - Emerging businesses, including cloud computing, big data, and data centers, are significantly driving industry transformation, contributing 4.348 billion yuan in revenue, a 10.6% increase year-on-year, and accounting for 25% of total telecom revenue [2][12] - The three major operators are accelerating their investments in AI and cloud services, with significant growth in their cloud business revenues, indicating a shift towards digital service providers [3][5][4] Summary by Sections 1. High-Quality Development of the Telecommunications Industry - Telecom business volume is steadily increasing, with a 10% year-on-year growth projected for 2024, outpacing the national service industry production index by 4.8 percentage points [2][12] - The number of mobile phone users in China is expected to reach 1.79 billion by the end of 2024, with 5G users accounting for 56.7% of mobile users, significantly higher than the global average [13][15] - The construction of 5G networks is deepening, with over 1.265 million mobile phone base stations expected by the end of 2024, enhancing industry integration and application [20][21] 2. Continuous Improvement of Operator Cloud Business - The cloud business of operators is growing rapidly, with China Mobile's revenue reaching 50.4 billion yuan in the first half of 2024, a 19.3% increase year-on-year [3][31] - The three major operators are significantly expanding their computing power, with China Mobile achieving a general computing power scale of 8.2 EFLOPS and intelligent computing power of 19.6 EFLOPS by the end of the first half of 2024 [34][36] 3. Opportunities in the AI Wave - The three major operators are actively investing in AI, with China Mobile launching a comprehensive AI platform and China Telecom enhancing its AI capabilities through the "Star" brand [4][42] - All three operators have integrated the DeepSeek AI model, which is expected to enhance their service efficiency and enable the development of new AI-driven business models [47][55]

Core Viewpoint - The three major telecom operators in China have collectively responded to media reports regarding issues in telephone marketing practices, emphasizing their commitment to self-examination and improvement in service quality [1][2][3]. Group 1: Company Responses - China Mobile has initiated a targeted self-examination in response to the reports, pledging to uphold customer interests and improve service quality by addressing any identified issues [2]. - China Unicom has also expressed its commitment to a thorough self-check, promising to rectify any problems found and to standardize telephone marketing practices to ensure transparency for consumers [3]. - China Telecom has stated its intention to conduct a comprehensive self-assessment and to strengthen marketing service standards, ensuring that user rights are protected [3]. Group 2: Industry Context - The telecom industry is currently undergoing significant reforms and modernization efforts, with a focus on addressing consumer complaints related to misleading marketing practices and ensuring compliance with regulations [4][5]. - A recent investigation by Xinhua News Agency highlighted various deceptive marketing tactics used by telecom operators, including misleading offers and hidden fees, which have led to numerous consumer complaints [6][7]. - Experts have called for improved legal regulations and better management practices within telecom companies to address the persistent issues in marketing and enhance service quality [7].

Investment Rating - Maintain "Buy" rating for the industry [4] Core Viewpoints - The market has underestimated the explosive potential of innovative connection solutions in optical communication, particularly with the increasing demand for MPO and shuffle box in complex interconnections [1][21] - The transition from 400G to higher speeds like 800G and 1.6T in optical modules is becoming a consensus, creating new opportunities for passive connection devices [3][24] - The report emphasizes the importance of high-density, high-speed, and low-power solutions in the context of growing computing clusters, which will drive innovation in passive products [24] Summary by Sections Investment Strategy - Focus on the undervalued high-speed optical interconnect sector, recommending "Two Big and Four Small" companies: Tianfu Communication, Sanhuan Group, and smaller firms like Taicheng Light, Shijia Photon, Bochuang Technology, and Zhishang Technology [7][13][24] Market Review - The communication sector has seen an increase, with the blockchain segment performing the best [18][19] - The report notes significant stock movements, with Guomai Technology leading the sector with a 46.586% increase [20] Weekly Topic - The upcoming GTC and OFC events are expected to highlight new technologies in optical communication, with a focus on the demand for more compact and efficient solutions [1][21] Key Recommendations - The report suggests monitoring developments in optical modules and passive connection devices, as these areas are poised for growth due to technological advancements and market demand [24][26]

通信 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 Manus 在 AI Agent 领域实现技术突破， AI 驱动智算中心升级 ——通信行业月报 证券研究报告-行业月报 强于大市(维持) 通信相对沪深 300 指数表现 相关报告 《通 信 行业 月 报： 三 大 运营 商 全面 接入 DeepSeek 开源大模型，数据要素产业化进程 加速》 2025-02-16 《通信行业月报：国家实施手机等数码产品购 新 补 贴 ， 智 能 手 机 市 场 平 稳 复 苏 》 2025-01-08 《通信行业月报：运营商大数据业务高速增 长，AI 手机渗透率逐步提升》 2024-12-11 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共28页 发布日期：2025 年 03 月 12 日 风险提示：国际贸易争端风险；供应链稳定性风险；云厂商或运营商资 本开支不及预期；数字中国建设不及预期；AI 发展不及预期；行业竞 争加剧。 本报告版权属于中原证券股份有限公司 www.ccn ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the communication industry [6] Core Insights - The communication industry has shown strong performance, with the Shenyin Wanguo Communication Index rising by 2.8% over the past week, outperforming the broader market [2] - The report highlights the government's focus on 5G, AI, data and computing, and low-altitude economy as key development areas for 2025, suggesting a favorable environment for investment in these sectors [3][14] - The report emphasizes the acceleration of AI technology commercialization and recommends focusing on hardware opportunities in the application side, including AI chips, communication modules, robotics, and intelligent driving [3][38] Summary by Sections Market Review - The communication sector has outperformed the market, with a 2.8% increase in the Shenyin Wanguo Communication Index [2] - The overall valuation of the communication sector is at a historically high level, with a dynamic PE ratio of approximately 22, above the past two-year average of 19-20 [2][30] - Specific segments such as industrial internet, power communication, and 5G have seen significant weekly gains of 16.1%, 11.7%, and 8.0% respectively [2][34] - A total of 113 stocks in the sector rose, with notable performers including Yitong Technology and Lierda, which increased by 42.3% and 33.7% respectively [2][35] Configuration Suggestions - The report suggests focusing on hardware opportunities in the application side, particularly in AI chips (e.g., Rockchip, Espressif), communication modules (e.g., Quectel, Gree), robotics (e.g., Topband, Heertai), and intelligent driving (e.g., Zhucheng Technology) [3][38]

Group 1 - The core viewpoint of the article is the strategic cooperation agreement signed between China FAW Group and China Telecom, aimed at enhancing collaboration in various technological and business areas [1] - The partnership will focus on autonomous driving, vehicle networking services, internet infrastructure services, AI computing power development and applications, international business, industrial capital, brand support, and innovation [1] - This collaboration is intended to leverage the strengths of both companies to build a smart, connected, and digital automotive ecosystem, setting a benchmark for cooperation among state-owned enterprises in promoting high-quality development of China's automotive industry [1]

Core Insights - The report highlights the launch of Manus, a universal AI assistant that emphasizes action over mere thought, showcasing its capabilities in tasks such as resume screening, property selection, and stock price analysis [2][24][30] - The MWC2025 event showcased advancements in generative AI, with various companies presenting innovations in robotics, AR glasses, and AI PCs, indicating a trend towards tighter integration of hardware and AI [18][22][40] - The report expresses optimism regarding investment opportunities in the AI sector, particularly with the emergence of domestic AI applications like Manus and Deepseek, which are expected to drive demand for computational power [3][32] Industry Overview - The communication sector index rose by 2.81% from March 3 to March 7, 2025, outperforming the CSI 300 index, which increased by 1.39% [10][11] - The report identifies key stocks to watch, including China Mobile, China Telecom, and ZTE, among others, indicating a focus on major players in the telecommunications and AI sectors [8][23] - The communication sector's current valuation is noted to be 21.96, ranking fourth among TMT industries, suggesting a relatively favorable investment environment [12][14] MWC2025 Highlights - The event featured the world's first 5G-A humanoid robot, developed through collaboration between China Mobile, Huawei, and Leju Robotics, showcasing the potential for advanced applications in various sectors [19][34] - Innovations in AR glasses were presented, with products like the Raybird X3 Pro expected to launch soon, indicating a growing market for augmented reality technologies [21][36] - Intel announced its commercial AI PC product lineup, set to ship by the end of March 2025, reflecting the increasing demand for AI-integrated computing solutions [22][39]

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][6]. Core Insights - The government work report for 2025 emphasizes commercial aerospace as a leading emerging industry, shifting from "encouraging exploration" to "scale and standardized implementation," highlighting its core position in the national modernization industrial system [1][15]. - Manus, a Chinese startup, launched the world's first general-purpose AI agent, which can assist in various applications beyond stock analysis, marking a significant advancement in AI capabilities [2][12]. - The 2025 Mobile World Congress (MWC) showcased innovations in 5G-A technology from Huawei and ZTE, which are expected to accelerate technological progress and the adoption of AI terminals [3][32]. Summary by Sections Commercial Aerospace - The 2025 government work report prioritizes commercial aerospace, indicating a qualitative breakthrough in key technologies, market applications, and industrial ecology, which will inject new momentum into economic development [15][19]. - Various provinces, including Beijing, Shanghai, and Chongqing, are implementing special support policies for commercial aerospace, which is expected to enhance industrial cluster development [19][20]. AI Development - Manus's AI agent can perform tasks autonomously, utilizing a multi-agent architecture to simulate human workflows, and has achieved state-of-the-art performance in benchmark tests [2][10]. - The AI agent trend is becoming mainstream, with major tech companies accelerating their development, indicating a shift towards a more integrated AI application ecosystem [14][37]. 5G-A Innovations - Huawei's AI-Centric 5.5G solutions and ZTE's new 5G-A products were highlighted at MWC 2025, showcasing the integration of AI with 5G technology to enhance user experience and operational efficiency [23][24]. - The report notes that the communication sector index rose by 2.81%, outperforming the broader market, with specific sectors like military information technology and satellite internet showing strong performance [38][40]. Investment Recommendations - The report suggests focusing on companies benefiting from AI development, such as ZTE and Unisplendour, and highlights the high dividend potential of major telecom operators like China Mobile and China Telecom [43][44].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the launch of the domestic general-purpose AI Agent Manus, which outperforms OpenAI's DeepResearch in performance metrics [5][13] - Alibaba's release of the QwQ-32B reasoning model, with 32 billion parameters, accelerates the development of domestic AI models and applications [6][14] - The report emphasizes four key investment directions within the AIDC industry chain: AIDC data center construction, IT sector (domestic computing chips, servers, and power supplies), network sector (switches, chips, optical communication), and cloud computing [7][16] Summary by Sections 1. Investment Insights - The performance of the AI Agent Manus is noted as exceptional, with capabilities that extend beyond simple task execution to complex problem-solving [13] - The report anticipates a surge in AI applications driven by the open-source model trend, particularly with major cloud providers announcing significant investments [16] 2. Communication Data Tracking - By 2024, the total number of 5G base stations in China is projected to reach 4.251 million, with a net increase of 874,000 stations from the end of 2023 [24] - The number of 5G mobile phone users is expected to reach 1.014 billion, reflecting a year-on-year growth of 25.96% [24] - In December 2024, 5G mobile phone shipments are forecasted to be 30.433 million units, accounting for 88.1% of total shipments, with a year-on-year increase of 25.76% [24] 3. Operator Performance - The report details strong revenue growth in cloud services for major operators, with China Mobile's cloud revenue reaching 50.4 billion yuan in the first half of 2024, a 19.3% increase year-on-year [38] - China Telecom's Tianyi Cloud revenue for the same period is projected at 55.2 billion yuan, up 20.3% year-on-year [38] - China Unicom's cloud revenue for the first three quarters of 2024 is expected to be 43.9 billion yuan, reflecting a 19.5% increase [38]